Silver Hits Record Rs 1.5 Lakh; Gold Surges to Rs 1,19,500

New Delhi, Sep 29 (PTI) Silver prices on Monday soared by Rs 7,000 to hit an all-time high of Rs 1.5 lakh per kilogram in the national capital, while gold also scaled a new peak of Rs 1,19,500 per 10 grams amid strong global trends, according to the All India Sarafa Association.

The precious metal of 99.9 per cent purity jumped Rs 1,500 to reach a lifetime high of Rs 1,19,500 per 10 grams (inclusive of all taxes), up from Rs 1,18,000 per 10 grams in the previous session.

In the local bullion market, gold of 99.5 per cent purity also rallied by Rs 1,500 to hit a record high of Rs 1,18,900 per 10 grams from Rs 1,17,400 per 10 grams on Saturday.

Silver prices, too, witnessed a sharp rally, climbing Rs 7,000 to touch a record Rs 1,50,000 per kilogram (inclusive of all taxes), extending gains for the fourth straight session. The white metal had ended at Rs 1,43,000 per kg in the previous trade.

In the overseas market, both gold and silver posted robust gains. Spot gold surged nearly 2 per cent to hit an all-time high of USD 3,824.61 per ounce, while silver advanced more than 2 per cent to USD 47.18 per ounce.

According to analysts, the surge in bullion prices was driven by strong global demand and a weakening dollar as investors sought refuge in safe-haven assets amid continued geopolitical and economic uncertainty.